HUD Budget Up 21% Over Last Decade

March 1, 2013 - 6:39 PM

cash

(AP Photo)

(CNSNews.com) – The Department of Housing and Urban Development (HUD) has experienced a budget increase of 21 percent since 2002, according to calculations based on Treasury Department data.

In fiscal year 2002, HUD got $31,889,000,000, according to the Final Monthly Treasury Statement that year. That’s $40,697,740,000 in 2012 dollars, according to the Bureau of Labor Statistics inflation calculator.

The Obama administration has argued that severe consequences would occur as the sequester budget cuts commence on Mar. 1. Under the deal, $44 billion across-the-board federal cuts in increased spending for 2013 will commence, which is equal to about 1.2 percent of the entire federal budget of $3.6 trillion.

Federal spending will increase over 2012 spending, just not as much as the administration and many lawmakers wanted.

In fiscal year 2012, funding for HUD was $49,552,000,000, according to the Final Monthly Treasury Statement released last September. That is a 21.7 percent increase in real inflation-adjusted dollars.

For fiscal year 2008, HUD funding was $49,092,000,000. That’s $52,350,540,000 in 2012 dollars, which represents a 5.3 percent reduction in real dollars by 2012.